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AptarGroup Reports All-Time High Quarterly Results; Raises Dividend 22% And Increases Shares Authorized For Repurchase; CEO Peter Pfeiffer To Retire At End Of Year

Stocks in this article: ATR

Pfeiffer commented, “After working 40 years with this exceptional Company, I have decided to retire and spend more time with my family. AptarGroup has a very experienced senior management team that has worked closely together for many years. This team will be led by Steve Hagge who is a seasoned veteran with 30 years of experience in senior executive roles within AptarGroup. He has been integral to our success over the years, working very closely with me and our other senior executives in building AptarGroup into the industry leader it is today. I will continue to serve on our Board and I look forward to playing a part in our bright future.”

Board Chairman, King Harris, said, “Peter has had a very successful career that began with his family’s business which eventually became part of AptarGroup. Under his leadership, Aptar maintained an entrepreneurial spirit while growing in size and gaining market share. Last year, he successfully guided AptarGroup through one of the most significant organizational changes in the Company’s history when we realigned our businesses to become completely market-focused while at the same time, we achieved record sales and earnings per share.”

Harris concluded, “The Board is very confident in AptarGroup’s future under Steve Hagge’s leadership and we expect a very smooth transition. Steve has been a part of the Company’s senior leadership team for three decades. He brings a variety of valuable experiences to the CEO office including his extensive operational and financial knowledge as well as his strong international business acumen.”

OPEN CONFERENCE CALL

There will be a conference call on Wednesday, July 20, 2011 at 7:00 a.m. CT to discuss the Company’s second quarter results for 2011. The call will last approximately one hour. Interested parties are invited to listen to a live webcast by visiting the Investor Relations page at www.aptar.com. Replay of the conference call can also be accessed on the Investor Relations page of the web site.

AptarGroup, Inc. is a leading global supplier of a broad range of innovative dispensing systems for the fragrance/cosmetic, personal care, pharmaceutical, household and food/beverage markets. AptarGroup is headquartered in Crystal Lake, Illinois, with manufacturing facilities in North America, Europe, Asia and South America. For more information, visit the AptarGroup web site at www.aptar.com.

This press release contains forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management’s beliefs as well as assumptions made by and information currently available to management. Accordingly, AptarGroup’s actual results may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist including, but not limited to, economic, environmental or political conditions in the various markets and countries in which AptarGroup operates, changes in customer and/or consumer spending levels; financial conditions of customers and suppliers; fluctuations in the cost of raw materials, components and other input costs; the Company’s ability to increase prices, contain costs and improve productivity; changes in capital availability or cost, including interest rate fluctuations; the competitive marketplace; fiscal and monetary policy; changes in foreign currency exchange rates; direct or indirect consequences of acts of war or terrorism; and labor relations. For additional information on these and other risks and uncertainties, please see AptarGroup’s filings with the Securities and Exchange Commission, including its Form 10-K’s and Form 10-Q’s. Readers are cautioned not to place undue reliance on forward-looking statements . AptarGroup undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
       
(In Thousands, Except Per Share Data)
CONSOLIDATED STATEMENTS OF INCOME
 
Three Months Ended Six Months Ended
June 30,   June 30,

2011

2010

2011

2010

 
Net Sales $ 614,929 $ 522,923 $ 1,191,447 $ 1,028,392
Cost of Sales (exclusive of depreciation
shown below) 409,481 345,175 792,151 676,331
Selling, Research & Development and
Administrative 90,290 71,213 180,769 149,909
Depreciation and Other Amortization   34,914     32,483     68,519     66,474  
Operating Income 80,244 74,052 150,008 135,678
Other Income/(Expense):
Interest Expense (4,607 ) (3,631 ) (9,227 ) (7,103 )
Interest Income 1,544 508 3,096 1,274
Miscellaneous, net   (285 )   (1,139 )   (706 )   (2,141 )
Income before Income Taxes 76,896 69,790 143,171 127,708
Provision for Income Taxes   25,609     23,031     47,416     41,854  
Net Income $ 51,287 $ 46,759 $ 95,755 $ 85,854
 
Net (Income)/Loss Attributable to Noncontrolling Interests   2     (64 )   11     (137 )
Net Income Attributable to AptarGroup, Inc. $ 51,289   $ 46,695   $ 95,766   $ 85,717  
Net Income Attributable to AptarGroup, Inc. Per Common Share:
Basic $ 0.77   $ 0.69   $ 1.43   $ 1.27  
Diluted $ 0.74   $ 0.67   $ 1.37   $ 1.22  
 
Average Numbers of Shares Outstanding:
Basic 66,939 67,630 66,933 67,603
Diluted 69,438 69,682 69,902 70,070
 

APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
(In Thousands)
CONSOLIDATED BALANCE SHEETS
     
June 30, 2011 December 31, 2010
ASSETS
 
Cash and Equivalents $ 341,324 $ 376,427
Receivables, net 455,088 357,110
Inventories 325,745 272,255
Other Current Assets   82,853   58,191
Total Current Assets 1,205,010 1,063,983
Net Property, Plant and Equipment 786,717 724,984
Goodwill, net 237,777 227,029
Other Assets   16,178   16,722
Total Assets $ 2,245,682 $ 2,032,718
 
LIABILITIES AND EQUITY
 
Short-Term Obligations $ 106,307 $ 95,566
Accounts Payable and Accrued Liabilities   372,305   327,756
Total Current Liabilities 478,612 423,322
Long-Term Obligations 257,036 258,773
Deferred Liabilities   64,592   70,849
Total Liabilities 800,240 752,944
 
AptarGroup, Inc. Stockholders' Equity 1,444,619 1,278,923
Noncontrolling Interests in Subsidiaries   823   851
Total Equity   1,445,442   1,279,774
 
Total Liabilities and Equity $ 2,245,682 $ 2,032,718
 

APTARGROUP, INC.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
(In Thousands)
SEGMENT INFORMATION
       
Three Months Ended Six Months Ended
June 30,   June 30,
 

2011

2010

2011

2010

NET SALES

Beauty + Home $ 402,738 $ 343,834 $ 779,000 $ 683,243
Pharma 138,703 117,824 270,707 231,265
Food + Beverage 73,488 61,265 141,740 113,884
Other   -     -     -     -  
Total Net Sales $ 614,929   $ 522,923   $ 1,191,447   $ 1,028,392  
 

SEGMENT INCOME (1)

Beauty + Home $ 39,877 $ 35,881 $ 72,530 $ 66,992
Pharma 40,369 32,773 79,257 63,419
Food + Beverage 8,613 10,700 16,185 18,315
Corporate Expenses and Other   (8,900 )   (6,441 )   (18,670 )   (15,189 )
Total Income Before Interest and Taxes $ 79,959 $ 72,913 $ 149,302 $ 133,537
Interest Expense, Net   (3,063 )   (3,123 )   (6,131 )   (5,829 )
Income before Income Taxes $ 76,896   $ 69,790   $ 143,171   $ 127,708  
 

SEGMENT INCOME AS % OF NET SALES

Beauty + Home 9.9 % 10.4 % 9.3 % 9.8 %
Pharma 29.1 % 27.8 % 29.3 % 27.4 %
Food + Beverage 11.7 % 17.5 % 11.4 % 16.1 %
 

Notes to Condensed Consolidated Financial Statements: (1) - The Company evaluates performance of its business units and allocates resources based upon income before interest expense net of interest income, stock option and corporate expenses, and income taxes.



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